Finance: Terra Mitica stops debt payments

Posted at 12:35 PM EDT (1635 GMT)

May. 21st, 2004 -- Terra Mitica, a spanish theme park, has suspended payments to creditors on a 82 million Euro loan. The park has a debt of 161.3 million Euros.

The park features themeing inspired by ancient Mediterranean civilizations, and is only drawing in about a third of their targeted audience. The park is currently being managed by Paramount Parks.

Most of Terra Mitica's debt came from being overbudget on construction by 210 million euros more than they expected. The park opened in 2000.

For more information: Business Day